US oil rig count falls by 40 for week ending March 27

The oil rig count in U.S. decreased this week, according to the latest data released Friday by oilfield services company Baker Hughes.

The number of oil rigs, an indicator of short-term production in the country, fell by 40 to reach 624 for the week ending March 27, from 664 the previous week.

The drop followed decline of 19 oil rigs the week before, while oil prices continued to fall.

The number of oil rigs in the country is nearly 23%, or 192, less than the same time a year ago when it stood at 816.

At Friday's close, international benchmark Brent crude stood at $24.93 per barrel with a 6.5% daily loss, while American benchmark West Texas Intermediate ended the day at $21.51 a barrel with a 7.6% decrease.